Document custodians play an important role in the Ginnie Mae process.
A document custodian must hold documents related to the pooled mortgages on
Ginnie Mae's behalf for the life of the pool or loan package. Prior to
submission of a pool or loan package for processing, it is the Issuer's
responsibility to select an eligible institution to serve as document custodian.
Appendix V of the
Ginnie Mae MBS Guide
contains eligibility requirement information for document custodians.
The document custodian works directly under the Issuer. While an Issuer may
use different document custodians for different pools or loan packages, each
pool or loan package must have only one document custodian.
If you are a document custodian and you have questions, please send an e-mail to
Be a financial institution regulated by one of the following:
Maintain physically secure, minimum 2 hour fire resistant, storage
Employ personnel knowledgeable in the handling of mortgage documents and
about the roles mortgage document custodians play;
Meet minimum Ginnie Mae financial requirements;
Maintain minimum insurance coverage requirements;
Establish and follow written procedures relating to its responsibilities
as document custodian; and,
Maintain a written disaster recovery plan
Maintain a quality control plan
If a GSE approved document custodian, remain in good standing with the GSE(s);
Possess Fiduciary Powers;
Be Physically separate from the mortgage origination, selling, or servicing entity for which the custodian provides custodial functions; and,
Comply with other requirements as needed.
The document custodian certifies the complete and accurate representation of
the documents within its control.
Under the terms of the Master Custodial Agreement, documents may be released
to the Issuer from time to time in connection with servicing. Only the Issuer
may request the release of documents. Issuers are authorized to request
documents from the document custodian only if they are necessary in carrying out
servicing actions. Ginnie Mae must approve bulk releases of documents for an
entire pool or loan package.
Any routine reviews of custodial documents by the Issuer's auditors or staff
must be conducted on the premises of the document custodian.
The document custodian must maintain control of loan documents for the life
of the pool or loan package.
For more detailed information on a document custodian's roles and
responsibilities, or on becoming a document custodian, please refer to theFor more detailed information on a document custodian's roles and
responsibilities, or on becoming a document custodian, please refer to the
Ginnie Mae MBS Guide.